Gold markets pulled back a bit during the trading session on Monday, in what would have been relatively thin trading. We did find support at the $1280 level, which is a good sign as it is so important.

Stronger than expected Chinese retail Sales and Industrial production also buoyed global yields weighing on gold prices. Momentum has recently turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occur as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line.

The gold prices have pulled back in the Friday’s session, reaching down to the $1280 level which is offering a bit of support. The market will continue to be bullish in the long term as the Federal Reserve is likely to go easy on rate hikes. The silver market has entered a bearish territory of the trend by breaking below the supportive $15.50 level.

This week, the price action in gold will continue to be driven by the movement in U.S. Treasury yields and appetite for risk. Rising yields and stock prices should dampen demand for gold. Technically, traders may try to pressure sell stops under the recent low at $1278.10. If successful, they could trigger a break into $1268.50. All bets will off for a steep break if buyers can recapture $1289.20.

Investing.com - This week precious metals traders will be monitoring trade talks for signs of a resolution in the U.S.-China trade dispute, while concerns over the economic impact of the U.S. government shutdown and uncertainty over Brexit will also remain in focus.

U.S. West Texas Intermediate and international-benchmark Brent crude oil hit their highest levels since December 7 on Friday, led by another day of stock market gains, and a report that China has offered a plan to erase its trade surplus with the United States. The news about China drove up demand for risky assets with stocks hitting their highest levels in more than month. This encouraged investors to shed their long positions in safe-haven gold. The overall price action in natural gas last week suggests investor indecision, but that can be expected during a weather market.

The Gold markets pulled back a bit during the week, forming a somewhat negative looking candle stick in the face of the $1300 resistance barrier. I think at this point, if we can break above the $1300 level we will see quite bullish pressure.

Gold markets pulled back during the trading session on Friday, reaching down toward support. The support of course is something that I have been talking about, so therefore it makes sense that it was finally tested.

Gold prices tumbled on Friday as the dollar gained traction, following a stronger than expected US industrial production report. The better than expected number pushed the 10-year yield back to 2.79% up from 2.75%. Gold prices dropped and held mid-day near the 20-day moving average seen near 1,282. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal.

Based on the current price at $1285.10 and the earlier price action, the direction of the February Comex gold futures contract on Friday, is likely to be determined by trader reaction to the 50% level at $1285.70 and the uptrending Gann angle at $1282.50.

U.S. Treasury Secretary Steven Mnuchin discussed lifting some or all tariffs imposed on Chinese imports and suggested offering a rollback during trade discussions scheduled for Jan. 30, according to The Wall Street Journal.

The gold prices continued to move back and forth during the Thursday’s trade session, as it is struggling to break above from the important $1290 level, which is holding the gold prices. The 20 Day EMA underneath should offer support and will be a nice trading opportunity. A break above $1300 level would be a significant move and will bring back more buyers into the market. …Read MoreSilver

Gold prices moved sideways drifting slightly lower on Thursday as the dollar consolidate. The stronger than expected US jobless claims data, buoyed US yields slightly generating a minor headwind for the yellow metal. Gold prices continued to move sideways. Medium term momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal.

Gold markets continue to go back and forth overall as we pull back during the trading session on Thursday. We are currently trapped between two major areas, and I think we are trying to build up enough momentum to finally make a significant move.

Investing.com - The lure of palladium and its importance to the auto sector is greater to precious metals investors than the shine of gold and the hedge the yellow metal offers to the world's political and financial troubles.